Delhi Chief Minister Arvind Kejriwal on Monday launched an online portal to facilitate loans to financially weak students who wish to pursue higher studies in the national capital after passing their Class XII examination.

He said the launch of the website was the fulfillment of the promise made by his government that no student in Delhi should be denied the opportunity for quality education due to lack of resources.

“We are improving the quality of education in the government schools, with better infrastructure, facilities and training for teachers. In three years’ time, parents in Delhi will be proud to say that their children study in government schools,” Kejriwal told a gathering here.

He also said, with this initiative, once a loan has been applied, no bank can deny it. Under the scheme, bank loans taken by the students will be provide a guarantee through Higher Education and Skill Development Credit Guarantee fund created by the Delhi government.

Students will not be required to furnish any collaterals or margin money in the scheme, which will be universal in nature, regardless of the student’s background.

“The payment terms are very liberal and I now encourage students to avail of this opportunity at the earliest. We want to inculcate a feeling among aspiring students that they can educate themselves without the burden of lack of financial resources,” the Delhi Chief Minister said.

Speaking on occasion, Deputy Chief Minister Manish Sisodia, who also holds education portfolio, said though the scheme was launched last year, he felt that it should be made online for the convenience of students and for better transparency.

“With this portal, students can apply online for loans which the participating banks will be obliged to provide. I believe this will transform education, enabling thousands of eligible students to pursue their studies and attain their career goals.

“We wish to encourage learning and are confident that such initiatives will break all the barriers and help students overcome higher learning of their choice,” he further said.